Tag Archives: how to sell my home

Are You Ready to Sell Your Home?

Time To Sell

 

For most homeowners, being financially ready to sell comes down to one factor: equity. During the housing meltdown of 2008–09, millions of homeowners found themselves with negative equity, which meant they owed more on their homes than they were worth.

Clearly, selling your home when you have negative equity is a bad deal. That’s called a short sale, and it impacts your credit almost as much as a foreclosure. Breaking even on your home sale is better, but it’s still not ideal. If you’re in either situation, don’t sell unless you have to in order to avoid bankruptcy or foreclosure.

For the last several years, home values have been on the rise, and that means most homeowners are building equity. Their homes are now worth more than they owe on them, and that trend will persist as they pay down their mortgages and home values continue to increase.

Financially speaking, it is best to sell your home when you have enough equity to at least cover the down payment on your next home. Or, you can go all the way and use the proceeds to buy your next home outright—no more mortgage for you!

How Much Equity Do You Have?

To figure out how much equity you have in your home, first find out your mortgage balance. That’s easy enough—simply look on your latest mortgage statement.

Next you’ll need to know how much your home is worth. While it’s tempting to use figures from online home valuation sites, they’re not always accurate. You don’t want to base such an important decision on iffy information.

Contact a real estate professional who will compare your home to others that have recently sold and take local market trends into account. You can trust their estimate to reflect what your home is worth based on their experience selling homes in your area.

Are You Ready to Make the Move?

If the numbers show you’re in good shape financially to make a move, great! But don’t forget, selling a home is an emotional issue too. Before you plant the For Sale sign in the front yard, take a minute to answer just a few more questions:

  • Are you ready to put in the work to get your home ready for house hunters?
  • Are you committed to keeping it ready to show for weeks or months?
  • Are you ready to hear the reasons why potential buyers believe your home is not perfect?
  • Are you ready for honest—and sometimes hardball—negotiations over what buyers are willing to pay for your home?
  • Are you really ready to move out and leave the place where your family has made memories?

Don’t get us wrong; we’re not trying to talk you out of selling your home! We just want you to be completely ready when you do decide to move on to the next stage of your family’s life.

A qualified real estate agent will give you a clear picture of what it’s like to sell a home and if now is the right time for you, both financially and emotionally.

(Courtesy Dave Ramsey blog: https://www.daveramsey.com/blog/ready-to-sell-your-home)

5 Reasons Your House Won’t Sell: How to Avoid Them

The condition of your home can either make or break a great sale. Make your home shine before you put it on the market.
The condition of your home can either make or break a great sale. Make your home shine before you put it on the market.

Giving thought to selling a home? Before you place it on the market, consider these five very important factors:

1. PRICE A home that is priced correctly will attract the greatest number of buyers. Since there is a direct correlation between the number of potential buyers who view a residence and its final sales price, properties that are priced competitively generate the largest possible net profits for the seller.

If you are considering the sale of a residence or investment property, please give serious thought to pricing it correctly. To determine the best possible asking price, employ the services of a licensed real estate expert. He/she can provide you with an accurate professional property evaluation.

2. CONDITION The condition of a home is nearly as important as are the asking price and the terms being offered. Homebuyers purchase properties as much on their emotional appeal as on any other single factor.

Home sellers who are willing to make their residences sparkle receive a greater net profit and sell their properties more quickly. Staging is a great way to make your home as appealing as possible, and hiring an experienced agent who has the expertise you need to make your residence shine.

3. LOCATION A property’s value is, in part, determined by its surroundings. Homes in great locations sell for higher prices and more quickly.

Neither a real estate professional nor the seller can control a home’s location. For this reason, location must be given serious consideration when pricing a house.

4. MARKET CONDITIONS The overall economic conditions in a home’s locale often determine the length of time it takes to sell and its final selling price.

If economic times are difficult, supply and demand must be given consideration when preparing a home for the market and when pricing it. When local economies are suffering, the demand for homes goes down and the supply of homes goes up. Under these circumstances, the only properties that sell are those that are in excellent condition and are priced correctly.

5. MARKETING An agent’s marketing skills are critical to maximizing a seller’s net proceeds and to minimizing inconveniences.

It is your real estate professional’s responsibility to attract as many well-qualified buyers as possible into a seller’s home. The agent’s ability to accomplish this task will determine the size of the seller’s net proceeds check. For this reason, it is very important for a seller to choose an agent carefully. Hire only an agent who has an organized marketing plan.